Russian tycoon Roman Abramovich lost his latest legal challenge Wednesday against EU sanctions.
The European Union sanctioned the billionaire former owner of Chelsea Football Club in 2022 after Russia launched its all-out war on Ukraine, alleging that close ties with Russian President Vladimir Putin helped him build his enormous wealth.
Abramovich asked the bloc’s highest court to lift the restrictions, including an asset freeze and a European travel ban, arguing — among other things — the measures were unfair and the EU erred when it said he had links to the Kremlin. He also asked for compensation for reputational damage.
But the General Court, part of the Court of Justice of the European Union, dismissed Abramovich’s action Wednesday, calling the sanctions “necessary and appropriate.”
The EU’s top court also noted the billionaire’s significant shareholder role in Evraz, a steel mining group that provides substantial revenue to the Russian government.
Abramovich has launched legal fights in the EU and the United Kingdom to clear his name, with his lawyers arguing his celebrity status has made him a target, but with little success.
Shortly after Russia’s full-scale invasion, Abramovich sold Chelsea FC for the highest price ever paid for a football team. The British government has said it wants to seize the £2.5 billion proceeds from the sale of the English Premier League club and funnel them to Ukraine.
Ukraine’s former President Viktor Yanukovych also lost his own decade-long court fight on Wednesday to lift sanctions imposed on him by the EU.
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